Tax Credit Advisor Article Archives

An ambitious Detroit program to preserve 10,000 existing affordable multifamily units and build 2,000 new ones is moving quickly to prevent the potential 15-year opt-out of a large number of Low Income Housing Tax Credit projects and sustain affordability in the Motor City.

Historically, when policy makers and advocates discuss preservation, we are referring to the preservation of rental assistance contracts that are associated with older HUD and/or USDA Rural Development assisted properties (i.e. Section 8 Project-Based Rental Assistance, Section 515, etc.).

All aboard! Welcome, and we’re glad you’re joining us today for this grand tour of affordable housing situations and civic innovations in cities all across our country.

Is it bragging if I open this issue by declaring it a win-win? Actually, it’s a win-win-win-win—for affordable housing management, for their residents, for government and for our readers.

USA Properties discovered that 25 percent of the residents in its senior communities moved out due to health issues. With two-thirds of its portfolio involving seniors, President and CEO Geoff Brown wondered what else he could do in the senior space.

Gerry Golden, the venerable founder of The Golden Companies, dabbled with semi-retirement in 2018, having transitioned day-to-day operations of his affordable housing operation to his children, Gina and Greg, in 2017.

For the past three years, Preservation of Affordable Housing, Inc. (POAH), a Boston-based, nonprofit affordable housing developer and property owner, has improved the lives of its tenants through a federal program called Family Self-Sufficiency (FSS).

In late 2016, the Millennia Companies, a vertically integrated real estate development and management firm in Cleveland, OH, that owns and manages nearly 30,000 residential units spread across 27 states, entered into a contract to purchase a portfolio of Section 8 properties from the financially troubled Global Ministries Foundation (GMF) of Memphis, TN.

There’s plenty of data to indicate Maryland’s Health Enterprise Zones (HEZ) have been successful in their goal of reducing health disparities for racial and ethnic minorities and reducing healthcare costs in the state.

New York City’s public housing, once a source of affordable housing industry pride, is in crisis.

Many executives I know and respect are afflicted with what I’ve dubbed the perception of essentiality – the belief that not only is their work broadly essential to the organization, each element of how they do it is likewise essential and personal, else the organization suffers.

A new certification not only indicates that an affordable housing owner/manager has a coordinated and robust resident services operation but also that it can help them qualify for an up to 30 basis point discount on a multifamily affordable housing loan from Fannie Mae.